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Second Stimulus announcement 23/03/2020

Please refer below to the summary of the announcements today for business owners.
• Cabinet has agreed to expand the wage subsidy and has removed the $150,000 cap.
• All businesses are eligible, self-employed, contractors plus registered charities, NGOs, and incorporated societies.
• Businesses that are less than a year old, or who have had significant income in the last year are also eligible – they will need to demonstrate a similar loss of income due to Covid 19 e.g. January 2020 to March 2020.
• Self-employed people with variable income are also now eligible if they can demonstrate the loss against the previous year’s monthly average.
• Rent increases are frozen.
• No cause terminations are extended to protect people.
• Agreement in principle to a business financing guarantee – allowing banks to extend lending to firms that would otherwise be viable.
• Agreed support for mortgage holders – details in a few days.
• Arrangements are being made for income support for all earners as Level 4 goes on.
Advice is to
• Take the time to work through your option – get in touch with your bank and work together to decide the best for your business.
• We are aware that some of you are confused about the 80% requirement on top of the $528 subsidy for wages and we are getting clarification and will let you know as soon as we have that confirmed.

you can download the list of essential services Here 

 

Here is the short video about the update:

cov19

Please be kind and try to support each other when you can.❤️❤️❤️

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